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Buy a house now? Or trailer now, house later?

Discussion in 'Stocks & Investments' started by gupster88, Apr 19, 2013.

?

Buy trailer now? Or house later

  1. Buy trailer now, save up some, sell it, buy a house later

    18 vote(s)
    20.5%
  2. Screw the trailerhood life, save up now, buy house sooner

    65 vote(s)
    73.9%
  3. You tell me

    5 vote(s)
    5.7%
  1. May 1, 2013 at 2:09 AM
    #81
    tooter

    tooter play every day

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    Built for maximum low end torque, tooter II.VII intake manifold spacer, LCE long tube header, Injen long tube intake, 2,900 rpm torque peak.
    I didn't have all the skills either...
    ...so I learned some of the simpler ones on the job (like silver soldering copper plumbing pipes, and laying ceramic floor tiles). And I'm an electrician by trade, so I was familiar with the construction process. We hired small local companies for the stuff that was beyond our capabilities (like roofing, pumping a concrete foundation, and installing a septic system), and my wife and I worked as their laborers to help keep costs down.

    By acting as general contractor, building a very simple plan using standard construction methods with nothing fancy (Home Depot), we were able to own a small home (including land) for under $170 a square foot in an area where comparable homes are presently selling for $700 a square foot.

    Do a Google search: tiny homes and you will be amazed and inspired at the innovative homes people are building! :eek:

    They're the wave of the future for Americans who want to build their own home but don't have a lot of money.

    It took 2 1/2 years to develop the raw land and one year to build.
     
    Last edited: May 1, 2013
  2. May 1, 2013 at 5:50 AM
    #82
    EricTheRed

    EricTheRed Damn dirty Swede

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    That's freakin' awesome. As soon as I heard about the tiny house movement (about a year ago) I was in love with the idea. I'd much rather have a smaller home and a decently sized property for kids/dogs to run around on. Calgary is almost entirely suburban, and a lot of folks in my area have these large homes, and a large garage...and maybe 25 feet of yard space between the two. No thank ye.
     
  3. May 1, 2013 at 7:14 AM
    #83
    tooter

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    Yes. :)

    The land surrounding a home is much more valuable for food production and recreation than being paved over with bloated urban structures.

    A question clarifies the choice of priorities: Do you want to live in a monstrous McMansion surrounded by a concrete sidewalk that's a financial burden...

    ...or do you want to live in a small modest cottage surrounded by the beauty of nature that you own outright?

    Even a small trailer on a small piece of land can be an asset, as you can live in the trailer while you build your home. We lived in a rented converted garage next door while we built. :)
     
  4. May 1, 2013 at 4:49 PM
    #84
    gupster88

    gupster88 [OP] Well-Known Member

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    Some very useful and valuable information. I'm going to look into the movement you're talking about. I've always preferred smaller houses over large ones in the first place. What size is your house if you don't mind me asking. Trying to get a feel for the "tiny house" movement. Lol.
     
  5. May 1, 2013 at 5:12 PM
    #85
    EricTheRed

    EricTheRed Damn dirty Swede

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    600sq ft = Tiny house
    Airstream trailer = Reeeeeeally tiny house
     
  6. May 1, 2013 at 5:18 PM
    #86
    gupster88

    gupster88 [OP] Well-Known Member

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    Wow that is tiny. The trailer I'm buying is almost 800sq ft!
     
  7. May 1, 2013 at 5:22 PM
    #87
    OZ-T

    OZ-T All of those moments....will be lost.....in time

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    My wife and I and 2 cats lived in a 300 sqft cabin for 2 years including 2 Canadian winters while we built our house

    If you are somewhat organized it can be not too bad
     
  8. May 1, 2013 at 6:20 PM
    #88
    gupster88

    gupster88 [OP] Well-Known Member

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    I'm organized, the girlfriend isn't. I'm trying to picture a cabin that small. The smallest I've stayed in is roughly 500sq ft.
     
  9. May 1, 2013 at 7:13 PM
    #89
    tooter

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    Built for maximum low end torque, tooter II.VII intake manifold spacer, LCE long tube header, Injen long tube intake, 2,900 rpm torque peak.
    It's 1,150 square feet. 1 bd. 2 bath. Which by tiny house standards makes it large, but by normal standards it's small. ;)

    [​IMG]

    [​IMG]

    We compensated for the lack of space with an open loft design. The living room is only 12 feet wide, but it has a 21 foot high ceiling with 4'x4' skylights. Our only home heat is a wood stove.

    [​IMG]

    Our property borders a State Park. That's why everything behind it in the picture is open land. This is looking out from the upstairs bdrm.

    [​IMG]

    Tiny homes isn't a political movement like an angry group of people demanding rights from the government. It's an idea that's been around for a long time, and it appeals to the outer fringe of quirky do it yourself pioneer homesteader types.

    Our tinyhome turned out so well, I built my 91 year old Mom her own genuine tinyhome in our back yard. It also has a similar design of an upstairs loft with a skylight, but on an even tinier scale.

    [​IMG]

    [​IMG]


    This was during construction. There's a curtain between the bathroom area and the kitchen area.
    [​IMG]

    [​IMG]

    It's a nice alternative to a old folks home. :)
     
  10. May 1, 2013 at 7:16 PM
    #90
    moondeath

    moondeath Plenty of slaves for my robot colony?

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    I was just reading that interest rates are expected to go over 4% by the forth quarter of this year. If it does, that's one hell of a jump and a major increase in mortgage payments.
     
  11. May 1, 2013 at 8:11 PM
    #91
    OZ-T

    OZ-T All of those moments....will be lost.....in time

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    The main area was 12'x20' with a little bump out on the side , we had a little kitchen , a shower , our bed and dressers , stacking washer / dryer , love seat and tv

    We had a flush toilet in the shed about 40' from our shack

    Tested the marriage : passed :)
     
  12. May 1, 2013 at 8:53 PM
    #92
    gupster88

    gupster88 [OP] Well-Known Member

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    Dang that view is amazing, you did a great job on the house as well. Kinda cool how you utilized so much with the square footage you have. I'm definitely impressed!

    Yeah at $150k, each .5% jump is about a $45/month jump in payment. I crunched some rough numbers just now. At 3.5% with 3.5% down payment financing $150k compared to 20% down, a jump in interest to 5.5% for the same amount: it's cheaper by almost $100/month to save up and put down 20% even with higher interest rates.

    Wow, I'd say that tested your space and bubbles. Glad y'all passed :thumbsup:
     
  13. May 2, 2013 at 5:52 AM
    #93
    moondeath

    moondeath Plenty of slaves for my robot colony?

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    Is that based on a 15 year mortgage? 30 year mortgage would be more expensive at 5.5%.

    15 year at 3.5% with 3.5% down = $1034
    15 year at 5.5% with 20% down = $980

    30 year at 3.5% with 3.5% down = $650
    30 year at 5.5% with 20% down = $681
     
  14. May 2, 2013 at 7:42 AM
    #94
    gupster88

    gupster88 [OP] Well-Known Member

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    You are forgetting PMI. For a 30 year loan, 3.5% down @ 3.5% you'll have about $120/month extra on your payments. Therefore, waiting will save me ~$100/month in wasted PMI payments.
     
  15. May 2, 2013 at 10:50 AM
    #95
    EricTheRed

    EricTheRed Damn dirty Swede

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    Sounds like a covenant relationship to me. :cool:
     
  16. May 2, 2013 at 11:18 AM
    #96
    OZ-T

    OZ-T All of those moments....will be lost.....in time

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    Lol
     
  17. May 2, 2013 at 9:01 PM
    #97
    StrikeSwiftly

    StrikeSwiftly Well-Known Member

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    None yet :D.
    I can relate to this in a way or two.
    There need to be a few things to think about. When I was faced with this similar decision I made the choice to buy a home and "invest". At that time I could have purchased a simple singlewide laid it on a piece of our property and went on.
    Through the 6 years we have changed some things, but sadly we never had enough money to do it right. It was cover up jobs to fix issues and move on. 6 years later we have a child, wife has a new career (much better career) and we are primed and ready to make a move forward into something bigger and better, or at least just BIGGER.
    Anyways we now have to funnel money back into this property just to bring it up to par and list it for a price to skimp out of it soon. We must keep our fingers crossed and be very proper just to sale a home around here. If you are like me and you and your family are in the progress of making forward movements. Meaning one day you hope to be making more money with a better education or experience etc I would chill in the trailer. I personally know of 3 or 4 people saling trailers with in a week or two of being listed in whatever shape they come.
    Just my two cents, you can't predict the markets and you sure can't predict what the rates will be in the future.
    Now if you do get you a home, try and get something you can "work with". Get something out of town or at least with plenty of room to add-on. I would assume had I knew know what I knew then I would have made that decision better.
    Plenty of options, it just depends on what you plan on doing with your long term goals.
     
  18. May 3, 2013 at 8:36 AM
    #98
    tooter

    tooter play every day

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    I totally understand...
    What doesn't kill your marriage only makes it stronger.:)
     
  19. May 3, 2013 at 10:11 AM
    #99
    scotrinaf

    scotrinaf Well-Known Member

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    Don't know who's doing your PMI, but we pay about $52/mo PMI on a $116,000 loan...
     
  20. May 3, 2013 at 10:44 AM
    #100
    moondeath

    moondeath Plenty of slaves for my robot colony?

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    This is true, but once you get equity into your home you will drop your PMI lowering your payment anyway. It's sounds like you are able to save a substantial amount over a few years, which you could be putting into the mortgage payments to get you to the 20% equity to drop PMI. It would be cheaper in the long run. Just a thought.
     
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